P23 B worth of new hotels seen in 3 years

By Bernie Cahiles-Magkilat At least 120 mostly big foreign branded hotels with estimated investments of P23 billion are expected to rise in different tourism places of the country in the next two to three years, indicating a rebirth in tourism in the regions. Tourism industry stalwart Samie Lim said these new accommodation facilities are expected to boost the existing stock of 78,000 hotel rooms to at least 100,000. “Big foreign brands are building big hotels in the country in partnership with the locals,” Lim, who is also chairman emeritus of the Philippine Franchising Association (PFA) told reporters at the Franchise ... more